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April 20, 2025

GAS

UK gas prices were highly volatile last week, driven primarily by
shifting geopolitical developments and changing expectations 125 Change in Gas Prices
for global LNG supply.
110
Early in the week, prices rose on escalating tensions around the
Strait of Hormuz and fears of supply disruptions, before p/therm 95
reversing sharply as peace talks between the US and Iran gained 80
momentum. Midweek trading remained mixed, with
intermittent support from renewed diplomatic signals and 65
weather-related demand expectations, while strong Norwegian 50
supply and improving storage conditions added downward Q3 26 Q4 26 Q1 27 Win26 Sum27 Win27
pressure. Towards the end of the week, sentiment turned
10.04.26 17.04.26
decisively bearish after news of a reopening of the Strait of
Hormuz and improved supply outlooks, leading to a broad sell-
off.

Thus, NBP spot lost 12% to settle at 98.50 p/therm, while the
Win26-delivery contract ended 10% down at 78 p/therm.

OIL

Oil prices were also highly volatile last week, driven by rapidly
shifting geopolitical developments around the US–Iran conflict Brent
and the Strait of Hormuz. 102

100
Early in the week, prices surged amid increased tensions and 98
concerns over restricted maritime flows following US naval
96
actions, before reversing as renewed diplomatic signals and
potential talks between Washington and Tehran improved $/bbl 94
sentiment. Midweek, markets moved sideways as conflicting 92
signals from ceasefire discussions and ongoing security risks 90
kept traders uncertain about supply stability. Towards the end 88
of the week, prices initially rebounded on renewed optimism 86
linked to diplomatic progress, but then dropped sharply after 84
Iran confirmed the Strait of Hormuz would remain open and 10.04.26 13.04.26 14.04.26 15.04.26 16.04.26 17.04.26
shipping flows resumed, easing supply disruption fears.

Finally, Brent crude plunged by over 5% for the week, closing at
$90.38 per barrel.